Eruditus leads India’s edtech revenue charts with Rs 3,733 Cr in FY24
The edtech company’s EBITDA loss narrowed to Rs 69 crore in FY24, down 83.5% from Rs 417 crore in FY23.
Edtech unicorn recorded steady revenue growth in FY 2023-24 while significantly reducing its EBITDA losses compared to the previous year, positioning the company as India’s highest revenue-grossing edtech firm.
While the Mumbai-based firm did not witness sharp revenue growth like the previous fiscal year, it clocked Rs 3,733 crore in FY24, up 12.4% year-on-year (YoY) from Rs 3,322 crore in FY23, according to Eruditus. The company follows a July-June financial year calendar.
Meanwhile, the edtech company’s EBITDA loss (excluding one time provisions and stock related non-cash expenses, etc) narrowed to Rs 69 crore in FY24, down 83.5% from Rs 417 crore in FY23.
EBITDA, or earnings before interest, taxes, depreciation and amortisation, is a measure of core operational efficiency.
The improvement in EBITDA was driven by a reduction in marketing expenses, which decreased to 27% in FY24 from 29% of revenue in FY23, along with lower operating expenses, which fell to 28% from 36% over the same period, the company said.
The Ashwin Damera-led company has deferred the recognition of Rs 800 crore in collected revenue to the next fiscal year.
Based on its FY24 financials, Eruditus has emerged as India's top revenue-grossing edtech firm, generating nearly 1.8 times the revenue of PhysicsWallah and more than twice that of upGrad. In FY24, PhysicsWallah reported Rs 2,015 crore in revenue, while upGrad recorded Rs 1,487 crore.
Earlier this year, Damera told YourStory that the company is on an ambitious path, aiming to exceed $1 billion in revenue within the next five years.
In the ongoing financial year (FY25), the SoftBank-backed company is targeting a topline of approximately $520-$530 million (Rs 4,330-Rs 4,420 crore).
In October last year, Eruditus raised $150 million in a new funding round, coinciding with its decision to shift its domicile from Singapore to India. It has raised more than $1 billion in equity and debt.
Founded by Damera and Chaitanya Kalipatnapu in 2010, Eruditus offers executive-level courses from top universities. It has collaborated with universities across the US, Europe, Latin America, Southeast Asia, India, and China.
Edited by Jyoti Narayan